Templewater Limited, Ascendal Group Limited and Hans Energy Company Limited completed the acquisition of NWS Transport Services Limited from NWS Holdings Limited.
This transaction is conditional upon the giving of notice in writing to the relevant government authority in Hong Kong, counterparties of certain specified contracts of target confirming that they agree not to terminate the relevant contracts or not having raised any objection or the change of control would not trigger a termination event under such contracts. Completion shall take place on the seventh (7th) Business Day after the date on which the last of the conditions precedent is satisfied or waived on or before the long stop date, which is December 31, 2020. The net proceeds will be applied towards the general working capital requirements of NWS Holdings. HSBC Holdings plc (LSE:HSBA) acted as financial advisor to NWS Holdings Limited (SEHK:659). Virginia Lee, Ling Ho, Edith Leung, Vicky Ma, Anita Lam, Anthony Fay, Clara Tang, Jacqueline Landells and Weisiyu Jiang of Clifford Chance, Hong Kong acted as legal advisors to NWS Holdings Limited (SEHK:659). Christopher Bickley of Conyers acted as legal advisor to Templewater, Hans Energy and Ascendal Group. ReedSmith Richards Butler also advised in the deal.
Templewater Limited, Ascendal Group Limited and Hans Energy Company Limited (SEHK:554) completed the acquisition of NWS Transport Services Limited from NWS Holdings Limited (SEHK:659) in October 2020.